Cramer Links Tesla and SpaceX in Bullish Earnings Call, Stops Short of a Buy Rating

CNBC host Jim Cramer weighed in on Tesla (TSLA) during a recent segment, arguing that investors who are comfortable with the stock’s volatility could see further upside if the company delivers on an earnings surge. His comments were surfaced by Yahoo Finance, which paired the Tesla discussion with attention on SpaceX (SPCX), the privately held rocket and satellite venture run by Elon Musk.

The juxtaposition is notable because the two companies share a founder but occupy very different financial worlds. Tesla trades publicly and reports quarterly results that move its share price sharply, while SpaceX remains private, with its valuation and funding rounds communicated through secondary transactions and occasional tender offers rather than exchange filings. Cramer’s framing tied the two together less as a paired trade than as a single Musk-ecosystem narrative that retail investors often treat as one theme.

For Tesla, the central question raised by the segment is whether the next set of quarterly numbers can justify the stock’s elevated multiple. Tesla has already reported a string of periods in which deliveries came in below some analysts’ expectations, pressuring margins as the company leaned on price cuts to defend volume. An “earnings explosion” would, in Cramer’s phrasing, require a reversal of that trend — either through stronger delivery growth, better automotive gross margin, or a sharper contribution from energy storage and software.

SpaceX, for its part, does not report earnings to the public in the way Tesla does. Its financial details surface mainly through private market disclosures and occasional commentary from executives. That makes any direct comparison between the two on an earnings basis difficult, and it means Cramer’s Tesla comments stand on their own as a view on one publicly traded stock rather than a comparative valuation exercise.

The segment arrives during a period of heightened attention on Musk’s business empire, with investors watching both the automaker’s quarterly cadence and any signals about SpaceX’s capital plans. Nothing in the discussion amounts to a formal recommendation, and the host’s tone was conditional rather than definitive — a framework for thinking about the stock if upcoming results come in strong.